The Manganese Market is integral to various industries, driven by its crucial role in steel production, battery technology, and other industrial applications. Manganese, a brittle and hard silvery-grey metal, is the fourth most used metal in terms of tonnage, only behind iron, aluminum, and copper. Its importance lies primarily in its alloying properties and its use in strengthening steel, making it an essential material in the global construction and manufacturing sectors.
The manganese market size was valued at USD 24.37 billion in 2023. The manganese industry is projected to grow from USD 25.59 billion in 2024 to USD 37.87 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.02% during the forecast period (2024 - 2032).
Market Overview
The manganese market has been experiencing steady growth, largely due to the increasing demand from the steel industry, which consumes more than 90% of the manganese produced globally. Manganese is a key ingredient in steelmaking, where it is used to remove sulfur and oxygen impurities and to improve the toughness and hardness of the steel. With the global construction boom, particularly in emerging economies, the demand for steel—and consequently for manganese—has risen significantly.
In addition to steel production, manganese is also essential in the production of batteries, particularly lithium-ion batteries used in electric vehicles (EVs). The rise of the EV market has brought manganese into the spotlight, as it is used in the cathodes of lithium-ion batteries to improve their efficiency, capacity, and longevity. As the world shifts towards more sustainable energy sources and electric mobility, the demand for manganese is expected to grow further.
Key Growth Drivers
Steel Industry Expansion: The continued growth of the global construction sector, particularly in Asia-Pacific and the Middle East, is a major driver of the manganese market. Urbanization, infrastructure development, and industrialization in these regions are fueling the demand for steel, thus boosting the demand for manganese.
Electric Vehicle Market: The rapid adoption of electric vehicles is another significant growth driver. Manganese's role in battery technology, especially in the production of nickel-manganese-cobalt (NMC) cathodes, positions it as a critical material in the EV supply chain. As governments worldwide push for greener technologies, the demand for manganese in battery production is expected to soar.
Technological Advancements: Ongoing research and development in manganese applications, particularly in battery technology, have opened new avenues for market growth. Innovations in manganese-rich battery formulations are expected to reduce costs and increase the energy density of batteries, making EVs more affordable and efficient.
Market Challenges
Despite the positive growth trajectory, the manganese market faces several challenges. The fluctuating prices of manganese ores, driven by supply-demand imbalances and geopolitical factors, pose a risk to market stability. Additionally, the environmental impact of manganese mining and processing has raised concerns, leading to stricter regulations and the need for more sustainable practices in the industry.
Future Outlook
The future of the manganese market looks promising, with significant opportunities in both traditional and emerging sectors. The ongoing transition to a low-carbon economy, coupled with the expanding EV market, is likely to keep demand for manganese robust in the coming years. However, market players will need to navigate the challenges of price volatility and environmental sustainability to capitalize on these opportunities.
MRFR recognizes the following companies as the key Manganese Companies - Transalloy India Pvt Ltd (India),Mesa Minerals Limited (Australia),Autlán (Mexico),Eramet (France),MOIL Limited (India),Ferro Alloys Corporation Limited (FACOR) (India),OM Holdings Ltd (Singapore),Sakura Ferroalloys (Malaysia),Nippon Denko Co. Ltd (Japan),Mizushima Ferroalloy Co. Ltd (Japan),Metals and Alloys Corporation (India),Accura Weldrods Kovai Pvt Ltd (India),African Rainbow Minerals Ltd (South Africa),Afarak Group Plc (Finland),Transalloys (South Africa), among others
In conclusion, the manganese market is poised for sustained growth, driven by its critical role in steel production and the expanding electric vehicle sector. As the world continues to evolve towards more sustainable and technologically advanced industries, manganese will remain a key material, underpinning developments in construction, manufacturing, and energy storage.
